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nsurance firm Allianz Indonesia booked a 37.2 percent increase in premium revenues to Rp 7.48 trillion (US$815.3 million) in 2011 from Rp 5.45 trillion in the previous year.

Allianz Indonesia’s overall revenue growth was largely contributed to by its subsidiary in the life insurance sector, Allianz Life Indonesia, which booked a 44.5 percent revenue growth, generating Rp 6.78 trillion last year compared to Rp 4.69 trillion in 2010.

“We are going to set a new generation of insurance products that cover child, pregnancy and elderly area. Allianz Indonesia maintains a current premium price despite inflation to keep our competitiveness,” said Joachim Wessling, CEO of Allianz Life Indonesia during a press conference on Wednesday.

The company’s subsidiary for the general insurance sector, Allianz Utama Indonesia, suffered a revenue premium drop to Rp 699.48 billion in 2011 from Rp 756.93 billion in the previous year.

Allianz Utama Indonesia’s spokesperson Daniel Neo attributed the decrease to Allianz’s prudence and risk management in selecting projects.

“We aim to have a stronger focus on retail business given the promising market condition, especially in the vehicle segment, which remained the top contributor along with the property segment,” said Neo, citing that vehicle and property business dominated 34.1 percent and 32.8 percent of revenue share respectively.

Indonesia’s vehicle growth, Neo predicted, would remain around 35 percent this year despite higher vehicle down payment rules and a probable fuel-price hike.

Allianz Indonesia, as Wessling described, was still “sailing with the wind” given Indonesia’s good market and business climate. However, he said that insurance businesses were highly affected by the government’s financial regulation.

“Insurance businesses in India declined due to a new financial regulation. Regulations have to be balanced,” he said.

Allianz Indonesia was established in 1981 and serves nearly 1.8 million people in more than 44 locations nationwide. Allianz Indonesia is a subsidiary of German-based financial services giant Allianz.